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Public Storage to Acquire BREIT’s Self-Storage Platform for $2.2B
In its second real estate portfolio sale within a month, Blackstone is selling its self-storage business. Public Storage and Blackstone Real Estate Income Trust (BREIT) have reached an agreement for Public Storage to acquire Simply Self Storage from BREIT for $2.2 billion. BREIT acquired the Simply platform for $1.2 billion from Brookfield Asset Management in late 2020.
The portfolio comprises 127 wholly-owned properties and nine million net rentable square feet, located across 18 states in fast-growing markets. During BREIT’s ownership period, Blackstone made investments into the Simply platform that ultimately significantly increased Simply’s NOI.
“This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion and third-party management,” said Joe Russell, Public Storage’s CEO.
Nadeem Meghji, head of Blackstone Real Estate Americas, said, “This sale is a terrific outcome for BREIT stockholders and enables us to further concentrate BREIT’s portfolio in its highest growth sectors. Public Storage is a leader in its space and will be a terrific steward of this portfolio.”
The sale follows Blackstone’s $3.1-billion sale of an industrial real estate portfolio to Prologis, announced in June.
- ◦Sale/Acquisition
